Can I Use My HSA After I Turn 65?

Once you turn 65, you can continue to use your Health Savings Account (HSA) for qualified medical expenses. However, there are some important details to keep in mind regarding your HSA after reaching this age.

Here are some key points:

• Although you can use your HSA funds for non-medical expenses after 65, you will have to pay income tax on the withdrawn amount, just like from a traditional IRA or 401(k).
• If you enroll in Medicare, you can still use your HSA funds, but you cannot contribute to it while you are enrolled in Medicare.
• After turning 65, you can use your HSA funds for Medicare premiums, deductibles, copays, and coinsurance.
• You can also use your HSA to pay for long-term care premiums or expenses in certain situations.
• Once you turn 65, you can withdraw funds from your HSA penalty-free for any reason, not just for medical expenses, but you will still owe income tax on the amount withdrawn.

Once you turn 65, you're at an exciting stage in life, but what does that mean for your Health Savings Account (HSA)? The good news is that you can still use your HSA funds for qualified medical expenses indefinitely. This gives you incredible flexibility as you navigate healthcare costs in your golden years.